Downside crying was so loud the Bears forgot to cover. Extreme short squeeze looks familiar as the markets reclaim old battle ground. Steep premium over value has now has appeared but not as wide as the discounts we saw culminate when posting one week ago today. Volatility disappeared and will stay gone if market continues to move higher. IBM collapse being ignored as managers put cash to work and see a chance to be fully invested by year end. Now these guys do not have a great track record but they could replace share buy backs for awhile.
If you are an absolute return manager with 50% or better, stop here and wait for last trading day of year or Jan.
